The Financial Conduct Authority (FCA) has appointed a former US Federal Bureau of Investigations (FBI) agent in a bid to improve its investigations unit.
The UK-based financial regulator has recruited Michael Welch to run its retail and regulatory investigations. He will replace Tom Spender who left in June to join Lloyds Banking Group.
Welch previously ran the FBI’s international operations and worked at the agency for 30 years before moving to London in 2014 to work as group head of shared investigative services at Standard Chartered.
General Counsel of Standard Chartered, David Fein, previously said the team ran by Welch combined “internal factfinders” with “old-fashioned police skills”.
Welch will join the FCA later this month and report to Mark Steward, the agency’s director of enforcement and oversight.